G&P Hammond LLC acquired Canbury Group Ltd and its subsidiaries for a headline price of £110m. The Canbury Group owns purpose built student accommodation in Canterbury with the transaction representing a net initial yield of 5.3%.
Located in the heart of Canterbury the Group comprises three properties known as Palamon Court, Rhodaus Court and Currus Court which is due to open later this year. When fully operational the accommodation will comprise a total of 915 bedrooms comprising a mix of 370 studios, 80 twodios and 465 en-suite rooms. The high specification facilities include a number of amenities for students including an onsite gym, study spaces, a cinema room and a private dining area.
The acquisition provides G&P Hammond LLC with a platform to make further acquisitions in the UK student accommodation sector.
BDO was delighted to provide financial and tax due diligence and SPA review services in support of the acquisition.
"I was pleased with the professional teams successful endeavours in the acquisition of this significant student housing asset."
Patience Hammond, G&P Hammond LLC